HKMA needs to keep up with market trends
05-01-2009
A report commissioned by the Hong Kong Monetary Authority to look at ways to improve banking stability has called for the creation of a single watchdog to regulate various financial products. The report by an independent consultant was carried out before the global finanical crisis. But it describes the current regulatory system as fragmented. The Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, said afterwards that the territory should set up a single regulatory body in the long term. He said techonological advances would increase demand for a unified system as more people would manage their savings and the buying and selling of shares on the Internet.
